Global cobalt demand to rise by 40% in 2018″.

Global demand for cobalt will rise by 40% throughout 2018 driven by the increasing production of electric vehicles and new technologies that require cobalt for energy and efficiency, a leading global market analyst group has said.

In its latest commodity trade update, Market News Updates said cobalt will become the most prominent precious metal due to the increasing demand for the element.

“The once little-known element cobalt is not only facing a growing demand but is rapidly rising in price, and some warn shortages could hit the metal in the future. Demand is mounting at a significant rate because of technological advancements that require cobalt for energy powering and efficiency.

“According to Darton Commodities, demand for cobalt is projected to rise 40% throughout 2018 behind the increasing number of electric vehicles in production. As companies like Tesla continue to produce mid-level vehicles like its Model 3, demand in countries like the United States is only expected to rise. With this in mind, leaders in the cobalt market are aiming to stay ahead of the competition through advanced drilling methods to enhance their mining efforts,” the update said.